Staff key to Treasury crisis response

The Treasury needs to improve its contingency planning, broaden the capability of its staff, and encourage officials to challenge policy orthodoxies if it is to better handle future financial crises, a report has stated.


By Civil Service World

12 Apr 2012

These are just a few of the recommendations made by Sharon White, a former director general at the Ministry of Justice and the Department for International Development, following her review of how the department handled the financial crisis that took place between 2007 to 2009.

Although she acknowledged the steps taken to strengthen its resource throughout the crisis, White said in the report that “the Treasury will need deeper expertise if it is to play an effective role in the new regulatory arrangements.

“This may necessitate a different career path for such professionals. It may also require stronger incentives for staff with experience to remain at the Treasury for longer. This in turn will mean tackling organisation-wide issues, most notably high turnover and low pay relative to the rest of the public sector,” she said.

The Treasury is to publish its response to the review in the summer.

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